News

Fonterra Expects Lifting of Iran Sanctions to Expand Dairy Market

NEW ZEALAND - New Zealand-based cooperative Fonterra welcomed the country's Government’s move to lift restrictions on trade with Iran, following the elimination of UN sanctions this month.

The Ministry of Foreign Affairs confirmed it has started the process of updating its regulations and removing the UN sanctions, which it expects to complete next month.

“Iran is a valuable trading partner and a key butter market for Fonterra. The removal of the UN sanctions, and our Government’s unwinding of restrictions, will only improve the outlook for us in Iran,” said Fonterra’s Managing Director of Global Ingredients, Kelvin Wickham.

With a population of nearly 80 million and long-standing customer relationships in Iran, Fonterra expected continued growth in the market.

“Our customers in Iran are growing, and we’re seeing them make significant investments in infrastructure and capacity to meet demand,” explained Mr Wickham.

“We have skilled people in the region who understand the opportunities and potential of doing business in Iran, and who welcome more normalised trade relations,” he said.